H320 - Modernize Remote Business Access. (SL 2021-162)

Overview: S.L. 2021-162 does the following:

• Authorizes remote meetings of corporation shareholders, nonprofit corporation members, and mutual insurance company policy holders.
• Authorizes nonprofit corporations to conduct all business electronically.
• Makes technical and conforming changes to related statutory provisions.
• Exempts certain corporations not for profit formed prior to July 1, 1989, from being required to have at least one class of shares with unlimited voting rights.

This act became effective September 20, 2021, and the act's changes relating to meetings of members and shareholders apply to meetings held on or after that date.

Remote meetings noticed before that date as a result of the State of Emergency declared by Executive Order No. 116 and complying with any subsequent executive orders authorizing such meetings, are deemed to be in compliance with this act.

The act's exemption from the requirement of having at least one class of shares with unlimited voting rights applies to corporations not for profit formed for religious, charitable, nonprofit, social or literary purposes prior to July 1, 1989, and existing as of September 20, 2021.